We are days away from closeing on our home and now the bank that holds the title is trying to back out,what can we do?

Asked by Zack, Prescott, WI Tue May 10, 2011

The bank that holds the title(boa) is telling our bank(wellsfargo) that thay dont have clean title.

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Michael Emery, , Minneapolis, MN
Tue May 10, 2011
If B of A doesn't hold clear title, then you would not be able to purchase title insurance to cover either yourself and/or your lender. And if you're borrowing the money from a lender, they will insist on title insurance.

Is B of A cancelling the sale or are they extending the closing period until they can obtain clear title? If they are extending the closing, make sure you get this in writing and have it signed by both parties. This will ensure that your purchase agreement stays active until closing.
1 vote
Team Loda, Agent, Mobile, AL
Tue May 10, 2011
It depends on what your contract says. Sometimes the addendums you sign give them that right. You should read your entire contract paperwork very carefully to see how to proceed.
0 votes
Nina Kraus, Agent, Glendale, WI
Tue May 10, 2011
Contact an attorney. You really don't give enough info to know what is going on.
Web Reference:  http://www.kraushouses.com
0 votes
Buyer22, Home Buyer, Wisconsin
Tue May 10, 2011
You would need a strong negotiator to not let the Bank do that, I would be able to help you if you would like to e-mail me at etahiraj@shorewest.com
0 votes
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